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Sugar stocks in demand, surge up to 20%
Shares of sugar companies on Tuesday saw a strong demand and surged as much as 20 per cent on hopes that a fall in sugar output may jack up prices and help them make better realisations.
Mumbai : Shares of sugar companies on Tuesday saw a strong demand and surged as much as 20 per cent on hopes that a fall in sugar output may jack up prices and help them make better realisations.
At close, shares of Shree Renuka Sugars settled for the day with gains of 20 per cent at Rs 16.05, while EID Parry rose 9.33 per cent to Rs 209.20 and Mawana Sugars jumped 9.95 per cent to Rs 23.20.
Among others, Sakthi Sugars surged 3.41 per cent to Rs 33.40, shares of Dwarikesh Sugar soared 4.96 per cent to Rs 85.65 and Bajaj Hindusthan Sugar surged 1.15 per cent to Rs 22.
According to an ICRA report, India's sugar output is estimated to decline 4.62 per cent to 26.8 million tonnes in the 2015-16 marketing year.
Marketmen believe the sugar counter is witnessing strong buying on hopes of improved realisations as shortage of sweetener supply is expected to aid sugar prices and help companies make good realisations.
